Share-Based and Long-Term Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Estimated Fair Value of Converted Stock Options Using Hull-White Model in Binomial Lattice Option Pricing Framework

The estimated fair value of the converted stock options was determined using a Hull-White model in a binomial lattice option pricing framework with the following weighted average assumptions:

Stock price (closing stock price on March 14, 2021)	$	91.78
Weighted average fair value of converted stock options	$26.05 to $87.84
Risk-free interest rate	0.04% to 1.62%
Expected stock price volatility	50.06 % to 65.18%
Dividend yield		—
Term to expiration	0.25 years to 9.75 years

Summary of Stock Option Activity

The following table summarizes stock option activity during the year ended December 31, 2022:

						Weighted Average
				Weighted		Contractual Term		Aggregate
				Average		Remaining		Intrinsic Value
	Options			Exercise Price		(in years)		(in thousands)
Outstanding as of December 31, 2021		6,209,583		$	23.91		3.95	$	520,651
Exercised		(1,328,694	)		22.42		—		—
Forfeited		(43,690	)		53.90		—		—
Expired		(6,967	)		30.81		—		—
Outstanding as of December 31, 2022		4,830,232			24.04		2.91	$	433,552
Exercisable as of December 31, 2022		4,709,528		$	23.31		2.80	$	426,145

Summary of Outstanding Stock Options

The following table summarizes the Company’s outstanding stock options at December 31, 2022:

	Options Outstanding						Options Exercisable
					Weighted Average				Weighted		Weighted Average
			Weighted		Remaining				Average		Remaining
	Number of options		Average		Contractual		Number		Exercise		Contractual
Exercise Price Ranges	outstanding		Exercise Price		Term (in years)		Exercisable		Price		Term (in years)
$2.01 - $4.00		2,350	$	3.74		0.85		2,350	$	3.74		0.85
$4.01- $8.00		44,210		4.83		4.42		44,210		4.83		4.42
$8.01 - $12.00		33,711		8.78		2.23		32,141		8.79		2.04
$12.01 - $17.00		819,991		14.27		3.84		805,871		14.25		3.79
$17.01 - $22.00		467,094		17.98		3.56		467,094		17.98		3.56
$22.01 - $28.00		1,565,300		22.30		2.33		1,548,379		22.26		2.29
$28.01 - $36.00		1,719,794		28.60		2.35		1,719,794		28.60		2.35
$42.01 - $81.00		177,782		64.19		7.10		89,689		64.19		6.95
		4,830,232	$	24.04		2.91		4,709,528	$	23.31		2.80

Summary of Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity for the year ended December 31, 2022:

				Weighted Average
	Number of			Grant-Date Fair
	Units			Value Per Unit
Outstanding as of December 31, 2021		4,412,681		$	52.67
Granted		2,034,407			97.91
Vested		(2,487,884	)		45.08
Forfeited		(492,932	)		79.93
Outstanding as of December 31, 2022		3,466,272		$	80.84

Summary of Performance Stock Unit Awards (PSUs) Activity

The following table summarizes performance stock unit awards (“PSUs”) activity for the year ended December 31, 2022:

				Weighted					Recorded
				Average					Weighted
				Grant-Date		Average			Average
	Number			Fair Value		Illiquidity			Fair Value
	of Units			Per Unit		Discount			Per Unit
Outstanding as of December 31, 2021		1,528,216
Granted		309,470		$	138.41		4.65	%	$	131.98
Forfeited		(53,233	)		105.34		6.50	%		98.49
Vested		(1,006,112	)		35.47		6.04	%		33.32
Performance Based Adjustment (1)		455,243			49.75		7.83	%		45.85
Outstanding as of December 31, 2022		1,233,584

(1)Represents adjustment based on meeting total shareholder return (“TSR”) performance at 200% for the PSUs that were awarded to key executive participants on January 4, 2019, meeting TSR performance at 200% for the PSUs awarded to key executive participants on January 4, 2020 and performance criteria meeting at 200% of R&D PSUs awarded to key executive participants on January 4, 2021.

Summary of Significant Valuation Assumptions Related to 2022 Relative TSR PSUs

All PSUs outstanding on December 31, 2022 may vest in a range of between 0% and 200%, with the exception of certain modified PSUs granted in 2020 and based on net sales which were capped at 150%. The Company accounts for all PSUs as equity-settled awards in accordance with ASC 718, Compensation-Stock Compensation. Because the value of the 2022 Relative TSR PSUs is dependent upon the attainment of a level of TSR, it requires the impact of the market condition to be considered when estimating the fair value on the grant date. As a result, the Monte Carlo model is applied and the most significant valuation assumptions used related to the 2022 Relative TSR PSUs during the year ended December 31, 2022, include:

Valuation date stock price	$	105.97
Expected volatility		45.01	%
Risk free rate		1.01	%

Summary of Share-Based Compensation Expense

The following table summarizes share-based compensation expense included in the Company’s consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020 (in thousands):

	For the Years Ended December 31,
	2022		2021		2020
Cost of goods sold	$	8,913	$	8,699	$	7,203
Research and development		27,831		39,544		13,973
Selling, general and administrative		145,356		170,843		125,451
Total share-based compensation expense	$	182,100	$	219,086	$	146,627